Granting A Descending Rate Of Discount On The Realty Tax On Property Directly And Exclusively Used For Educational Purposes Beginning With The Calendar Year 1975.

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 675 January 1, 1975

GRANTING A DESCENDING RATE OF DISCOUNT ON THE REALTY TAX ON PROPERTY DIRECTLY AND EXCLUSIVELY USED FOR EDUCATIONAL PURPOSES BEGINNING WITH THE CALENDAR YEAR 1975.

WHEREAS, under Presidential Decree No. 261, as amended by Presidential Decree No. 304 and as incorporated in Presidential Decree No. 464, the realty tax on real property directly and exclusively used for educational purposes shall begin to accrue on January 1, 1975;

WHEREAS, educational institution have to be given ample time within which to re-structure their finances in such a manner and under such arrangement as will enable them to meet their real property tax obligations promptly without unduly increasing the cost of education;

WHEREAS, there is a need to cushion the impact of the realty tax on which could best be achieved through a descending rate of discount on their real property tax obligations;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by...

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Summary of Presidential Decree No. 675

Granting Discounts on Realty Tax for Properties Used for Educational Purposes

- Properties directly and exclusively used for educational purposes are subject to the following:
• Exempt from the additional 1% tax for the Special Education Fund (Section 1)
• Subject to the basic realty tax only, except in Metro Manila where an additional 0.125% tax is imposed for the Greater Manila Metropolitan Area Flood Control and Drainage Fund (Section 1)

- Discounts on the basic realty tax are granted if paid within the prescribed period (Section 2):
• 60% discount on the tax due and payable in 1975 (Section 2)
• 40% discount on the tax due and payable in 1976 (Section 2)
• 20% discount on the tax due and payable in 1977 (Section 2)

- The Secretary of Finance shall formulate rules and regulations for the proper implementation of this Decree (Section 2)